Swiss watch industry extends recovery

Swiss watch exports jumped in June amid stronger demand from China, Hong Kong, Italy and the United Kingdom, the Federation of the Swiss Watch Industry reported.

Exports grew 5.3% to $1.83 billion (CHF 1.728 billion) for the month, driven by a 4.6% rise in shipments to Hong Kong, which stood at $205.7 million. Chinese orders increased 11.5% to $125.9 million. Exports to the US slipped 1.3% to $188.2 million.

A 16.5% increase in Swiss watches received by Italy marked a second month of strong growth. Exports to the United Kingdom climbed 35.6%, as it benefited from a stronger currency and recorded the highest growth in more than two years.

The sector has now enjoyed three months of year-on-year growth since the start of 2017. In March, exports rose 7.5% over the previous year’s figures — the first increase in nearly two years. Shipments slipped again in April, but returned to positive levels in May and June, the federation said.

“Watches in precious metals and steel made a strong contribution to the overall growth in value while other materials, such as bimetal products, declined,” it said. “Volumes remained stable overall. The increase for timepieces made of steel offset the decline in the other metals and other materials categories,” the federation added.

The exports were flat at $10.1 billion (CHF 9.5 billion) during the first half of the year.